New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-11-29
DISPOSING OF The SURPLUS.
SENATOR RAINES HAS PLAN FOR DOING IT BY
PAYING or PENSIONS AT THEIR "PRESENT

WORTH
To the Tdttor Of me TrtbuHc.
II has escaped the notice Of those who take
an interest ia current affairs that the subject OF the
surll of how TO dispose II il how to prevent the
accumulation Of vast sums In the IiraNutJ-has he
come Of vital importance Elections VIII be. yes. have
been turned H. The fnanc al column, of tie pirs'
the speeches Of gentlemen Of National reputation. have
been largely devoted to the discussion Of M question
during the political campaign Just ended.
The result To be that financial editors and
representatives I'm Congress ae no nealer an agree
10 tho correct solution Of the question to-day
than when the discussion began
Although the Republican party Is more thoroughly
committed 10 definite policy than & thr Democratic
party yet Il, leaders are far from being I'm accor'
rs TO the means by which 10 roach the desired end
While one would reduce the tariff on certain specified
articles ~ a means Of decreasing revenue another
would increase the tariff charges for the same purpose
Others would not disturb the tariff to any extent.
bur would remove the tax on Internal productions
whlo others would nor ,!-tulb either tariff or intern,
taxes bur would eApcni the surplus In bounties To
sugar producers. or IN subsidies TO extend our com
merce. \ proposition has been made 20 advance the
cause Of education by distributing the surplus among
the several states while It has also been suggested
that the tax on liquor should be- paid INTO the state
treasures under certain conditions
In looking at this question from the point Of view
Of Republican who believes ia 4 tariff for protection
as wen a. for revenue, and who cannot see thar Il
Is good policy to abolish he liquors and tobacco.
although he forced to admit that the accumulation
IN the treasury ~ millions of dollars not Immediately
necessary for The expenses of government Is gIcdt
evil ! am lupccd ask what can be- suggested that
has not already been proposed relieve hr situation.
and provide for a legitimate expenditure of the
National mcome'
The annual value OF pensions rs shown by the roll
Of June 30, IH-7, in round Numbers hty-threo
millions Of dollars. This represents an annual inter
est charge a. per cent on more than thirteen hundred
millions 1T dollars. which In some respects Is a much
a part If the National debt are the outstanding
bond, of the Government. Tho policy has been
adopfcd Of purchasing bonds before their maturity
and of paying a PREMIUM fog the sane. In order To
return 10 circulation the surplus aud so relieve tho
business Of the country. In vast number OF cases
the quarterly pension payment IS tn The nature oi an
annuity for life. The amount which viii WOdnce
the annuity IS easily calculated by established fhirs
advance the suggestion that OonStss shdu ena.l
such legislation a. VIII enable all pensioners who
desire to do TO receive the present woriA ~ ihrr
annuiticS or pensions such provision Woul1 io1
some years come climinlt" the surplus as .poucu
question would obyiae the necessity of tnkc'ug Tho
tariG. or aboli,hinS The tax on liquor aui Tobacco"
Why should not the suggestion he received with
favor The present value of pension of - or go
per month tor lie Is easily computed by hNcd rules
which from their vcry nature must continue during
llfc DOCS some one object that these pensioners AZ
live out the expectation OF life established by tho
mortality tables. and hence the adjustment propose
answer Is that though their DAYS MAY he shortened
by reason Of hard,hps endured or wounds received
In the service. yet no injustice would be done mo
Government. These pensioners at the Time my
enlisted were selected lives. They wrrr examined DIV
competent surgeons. with about the same care Gs
though they subjects for life Insurance II
their lives impaired. much ~ that impairment
Occasi0ncd by service I'm the field. and II would re
no more than simple Justice To base a settlement III
such cases on tho expectation of a sound life
Many reasons be- given i'm favor of the plopo
sitlou | adj, ancr. | think all objections can be
answered Why not then dispose of The surplus ny
v,,r ,n.rFln ~
DC customers 10y cashng their adjusted claims At their
present value" surely n would be- rs we'll 10 do
This a 70 redeem bonds In advance az large premium
Worry res nee fully =. RAINlS
Cdnandaiyid. y T.. NOV ~. lss7.